OTTAWA – July 20, 2018 – The Canada Deposit Insurance Corporation (CDIC) today launched a consultation for public comment on proposed changes to requirements for deposits in joint and trust accounts. The consultation process will assist the CDIC in reshaping its Joint and Trust Account Disclosure By-Law (JTDB).

On June 21, 2018, the Budget Implementation Act 2018, No. 1 received Royal Assent. It includes changes to the CDIC Act to modernize and enhance Canada's deposit insurance framework. Key amendments will affect insurance coverage and requirements for trust deposits when they come into force.

The JTDB is the first by-law affected by the changes to the CDIC Act on which we are seeking feedback. In the coming months, CDIC member institutions and key stakeholders will be consulted to provide comments on proposed amendments to other by-laws.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $770 billion in deposits.

As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits.

We are funded by premiums paid by member institutions and do not receive public funds to operate. We have dealt with 43 member failures affecting some 2 million Canadians. No one has lost a dollar of deposits under CDIC protection.